CLARITY Act Prospects Dim After House Cuts Schedule

The prospects for the CLARITY Act, a major piece of cryptocurrency legislation, have dimmed significantly after House Republican leadership canceled planned voting weeks in late September, leaving a narrow two-day window for the Senate to act before lawmakers leave Washington for the midterm elections. The House is now scheduled to return on September 14 for only four days of voting before adjourning on September 17, a move that makes passage before the midterms extremely unlikely, according to industry analysts. The compressed schedule directly conflicts with the Senate's timeline. The upper chamber has a procedural cloture vote on the bill, H.R. 3633, scheduled for September 15. This vote is a critical first step to advance the legislation for formal debate and potential amendments. However, even if the Senate clears this hurdle, it would still need to complete consideration and pass a final version. Because the Senate is working from a version that differs from the legislation previously approved by the House, the two chambers would then have to resolve those differences before the bill could reach President Donald Trump's desk.